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Present ABC Corporation partial income statements

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Question - ABC Corporation had income from continuing operations of €900,000 (after taxes) in 2019. In addition, the following information has not been considered.

1. A machine was sold for €140,000 cash during the year at a time when its book value was €110,000. (Depreciation has been properly recorded.) The company often sells machinery of this type.

2. Wilcox decided to discontinue its stereo division in 2019. During the current year, the loss on the disposal of this component of the business was €170,000 less applicable taxes.

Instructions - Present ABC Corporation's partial income statements starting with "income from continuing operations." and present net income. Assume that ABC's tax rate is 30%.

Reference no: EM132544392

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